BlueHub Capital Receives $4.8 Million Capital Magnet Fund Award for Community Development
On February 13, 2019, the U.S. Department of Treasury awarded $4.8 million in Capital Magnet Funds (CMF) to BlueHub Capital. The Department’s Community Development Financial Institutions (CDFI) Fund award supports BlueHub Capital's financing of affordable housing and complementary economic development projects across the U.S. to build healthy communities where low-income people live and work.
BlueHub will use the CMF award to provide financing for a range of transformative redevelopment efforts that include affordable housing and community facilities that provide services that residents want and need. BlueHub intends to deploy the award in high-need regions in Washington, D.C. and eight states: Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Tennessee, and Virginia.
“The neighborhoods we serve have some of the highest rates of poverty in the nation,” says BlueHub Capital CEO Elyse Cherry. “The combination of poverty, substandard housing, and lack of access to healthcare produces extremely poor outcomes for residents, especially the elderly. Our projects seek to holistically address these issues to promote housing stability, health and well-being among some of America’s most underserved populations.”
BlueHub Capital is among 38 organizations to receive a CMF award, after a competitive review of applications from 116 organizations. BlueHub also received two previous CMF awards for a total $13 million in recognition of its success in financing affordable housing and economic development that meet low-income community members’ needs across the U.S.
Read more about this year's CMF awards here.